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LEASES (Tables) | 12 Months Ended
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Dec. 26, 2021
Leases [Abstract] |
Components of Lease Expense | The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, Selling, general and administrative expense and Interest expense, net of capitalized interest in the Consolidated Statements of Income.
| For the Year Ended
| December 26, 2021 |  | December 27, 2020
Operating lease cost(a) | $ | 93,024 |  |  | $ | 90,887 |
Amortization of finance lease assets | 745 |  |  | 436 |
Interest on finance leases | 128 |  |  | 99 |
Short-term lease cost | 63,588 |  |  | 64,410 |
Variable lease cost | 4,490 |  |  | 3,839 |
Net lease cost | $ | 161,975 |  |  | $ | 159,671 |
(a)Sublease income is immaterial and not included in operating lease costs. Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended
| December 26, 2021 |  | December 27, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows - operating leases | $ | 77,113 |  |  | $ | 91,254 |
Operating cash flows - finance leases | 124 |  |  | 99 |
Financing cash flows - finance leases | 76 |  |  | 486 |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 144,028 |  |  | $ | 60,776 |
Finance lease assets obtained in exchange for finance lease liabilities | 3,527 |  |  | — |
Balance Sheet Information Related to Leases | The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:
| December 26, 2021 |  | December 27, 2020
Weighted-average remaining lease term (years): |  |  |
Operating leases | 6.07 |  | 5.44
Finance leases | 5.32 |  | 3.69
Weighted-average discount rate: |  |  |
Operating leases | 3.92% |  | 4.53%
Finance leases | 3.32% |  | 5.08%
Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):
| December 26, 2021 |  | December 27, 2020
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Accrued expenses and other current liabilities | $ | 82,947 |  |  | $ | — |  |  | $ | 71,592 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 930 |  |  | — |  |  | 420 |
Noncurrent operating lease liability, less current maturities | 271,366 |  |  | — |  |  | 217,432 |  |  | — |
Long-term debt, less current maturities | — |  |  | 3,618 |  |  | — |  |  | 1,244 |
Total lease liabilities | $ | 354,313 |  |  | $ | 4,548 |  |  | $ | 289,024 |  |  | $ | 1,664 |
Maturities of Finance Lease Liability | Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2022 | $ | 102,390 |  |  | $ | 1,064 |
2023 | 75,822 |  |  | 1,057 |
2024 | 60,196 |  |  | 908 |
2025 | 46,991 |  |  | 563 |
2026 | 34,034 |  |  | 554 |
Thereafter | 71,230 |  |  | 779 |
Total future minimum lease payments | 390,663 |  |  | 4,925 |
Less: imputed interest | (36,350) |  |  | (377) |
Present value of lease liabilities | $ | 354,313 |  |  | $ | 4,548 |
Maturities of Operating Lease Liability | Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2022 | $ | 102,390 |  |  | $ | 1,064 |
2023 | 75,822 |  |  | 1,057 |
2024 | 60,196 |  |  | 908 |
2025 | 46,991 |  |  | 563 |
2026 | 34,034 |  |  | 554 |
Thereafter | 71,230 |  |  | 779 |
Total future minimum lease payments | 390,663 |  |  | 4,925 |
Less: imputed interest | (36,350) |  |  | (377) |
Present value of lease liabilities | $ | 354,313 |  |  | $ | 4,548 |

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